Austin: Is the world closer to the edge of the ‘fiscal cliff’ today than it was in 2008?

The underlying theme of American politics that all politics is “local,” and the belief that Congress will remain deeply divided on an ideological and partisan basis after the November 6th election with a high probability of failure in achieving a consensus to avoid the “fiscal cliff” leaves financial markets globally in an unstable situation and businesses unclear about whether the direction is towards global recession or recovery. What counts now is not fault finding but leadership on the part of the U.S. in securing global recovery.